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Statistics / Statistical Techniques in Business and Economics 15 / Chapter 7 / Problem 62

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

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The funds dispensed at the ATM machine located near the checkout line at the Krogers in

Chapter 0, Problem 62

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QUESTION:

The funds dispensed at the ATM machine located near the checkout line at the Krogers in Union, Kentucky, follows a normal probability distribution with a mean of $4,200 per day and a standard deviation of $720 per day. The machine is programmed to notify the nearby bank if the amount dispensed is very low (less than $2,500) or very high (more than $6,000). a. What percent of the days will the bank be notified because the amount dispensed is very low? b. What percent of the time will the bank be notified because the amount dispensed is high? c. What percent of the time will the bank not be notified regarding the amount of funds dispersed?

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QUESTION:

The funds dispensed at the ATM machine located near the checkout line at the Krogers in Union, Kentucky, follows a normal probability distribution with a mean of $4,200 per day and a standard deviation of $720 per day. The machine is programmed to notify the nearby bank if the amount dispensed is very low (less than $2,500) or very high (more than $6,000). a. What percent of the days will the bank be notified because the amount dispensed is very low? b. What percent of the time will the bank be notified because the amount dispensed is high? c. What percent of the time will the bank not be notified regarding the amount of funds dispersed?

ANSWER:

Step 1 of 4

Mean funds dispensed at the ATM is

The standard deviation is

Let be the amount dispensed.

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